Ripple vs SEC: Order Granted to Delay Remedies-Related Discovery
A Federal Judge has signed an order granting Ripple’s request to delay remedies-related discovery requirements by a week. This includes providing detailed financial statements and post-complaint XRP institutional sales. Pro-XRP lawyers have emphasized Ripple’s compliance during the past three years, while the community is also seeking more information about XRP.
Judge Grants Order on Ripple Motion For Extension
Judge Analisa Torres has granted an order on Ripple’s Motion for Extension of Time for remedies-related discovery. Magistrate Judge Sarah Netburn has also granted the Securities and Exchange Commission’s motion to compel, requiring Ripple to provide financial statements from 2022-2023 and details of post-complaint XRP institutional sales contracts.
Ripple has agreed to comply with the order and all SEC requirements. However, they claim that providing three years of XRP sales contracts will be time-consuming and burdensome.
Ripple Agree to Comply With SEC and Court on XRP Sales
With the remedies phase in focus, both the SEC and Ripple will prepare legal briefs for proceedings in March and April. The Court will ultimately decide which remedies to impose.
Ripple has promised to maintain high standards of compliance, ethics, and transparency, dedicating resources to ensure compliance with the law.
XRP Price Movement
In the past 24 hours, XRP’s price has increased by 2%, currently trading at $0.52. The trading volume has decreased by 5% during this period, suggesting a decline in trader interest.
While many in the community are hoping for a price rally above the $0.60 support level, which was reached last July when Judge Torres ruled in favor of Ripple, some whales and traders continue to take profits at the $0.52 mark.
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